Cronos Announces Exclusive Distribution Agreement with Pohl-Boskamp in Germany
TORONTO, Oct. 12, 2017 /CNW/ – Cronos Group Inc. (TSX-V: MJN) (OTC – Nasdaq Int’l Designation: PRMCF) (“Cronos” or the “Company”) is pleased to announce that it has entered into a strategic distribution partnership with G. Pohl-Boskamp GmbH & Co. KG (“Pohl-Boskamp”). Founded in 1835, Pohl-Boskamp is an international pharmaceutical manufacturer and supplier, distributing its products to over 12,000 pharmacies in Germany alone.
Under the five-year exclusive distribution agreement, Cronos’ global subsidiaries will supply Peace Naturals branded cannabis products to Pohl-Boskamp for distribution within Germany. Leveraging Pohl-Boskamp’s extensive distribution network, this partnership provides Cronos with unrivaled access to the German market. Cronos will begin shipping product to Pohl this quarter and will terminate all other existing German supply agreements following this announcement. With over 82 million people and federal insurance coverage for cannabis, Germany is currently the largest legal cannabis market in the world.
“We are ecstatic to partner with Pohl-Boskamp, an established and reputable pharmaceutical leader. This partnership allows us to leverage an existing industry leading pharmaceutical distribution channel to immediately create the world’s largest medical cannabis distribution platform,” said Mike Gorenstein, CEO of Cronos.
Pohl has been a reliable partner for pharmacies for many years. Now we are excited to have Cronos as a partner and supplier of cannabis for the German market. With our new partner we are confident that we will provide reliable distribution of cannabis for German patients.
Marianne Boskamp, CEO of Pohl-Boskamp
Final Acceptance from TSX Venture Exchange for Non-Brokered Private Placement
Cronos is also pleased to announce that it has received the TSX Venture Exchange final acceptance for the non-brokered private placement of 6,671,112 common shares at a price of $2.25 per share, for total gross proceeds of $15,010,002, which closed on September 25, 2017.
Pohl-Boskamp is a privately owned business that has been active in the international pharmaceutical market for 182 years with commercialized products in more than 45 countries. Through close collaboration with its partners abroad, Pohl-Boskamp focuses on developing and marketing products that positively impact patients’ quality of life. It operates in numerous healthcare sectors including pneumology, urology, parasitology, cardiovascular diseases, gastroenterology, sleep disorders and dermatology. For more information visit http://www.pohl-boskamp.com/en/.
About Cronos Group
Cronos Group is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers (“LPs”) regulated within Health Canada’s Access to Cannabis for Medical Purposes Regulations (the “ACMPR”) and holds a portfolio of minority investments in other Licensed Producers. The Company’s flagship LPs, Peace Naturals Project Inc. (Ontario) and Original BC Ltd. (British Columbia), are collectively situated on over 125 acres of agricultural, licensed land. Cronos Group is focused on building an international iconic brand portfolio, providing patients with personalized care, and creating value for our shareholders.
Original press release: http://www.newswire.ca/news-releases/cronos-announces-exclusive-distribution-agreement-with-pohl-boskamp-in-germany-650574193.html
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